Though I like the look of intarsia work......I had forgotten the part about all of the "butterflies" hanging from the back. This is working out just fine, but I don't think I'd want many more than the five strands I'm working with. I used the technique from the Spring 2006 Interweave for estimating the amount of yarn to put into each "butterfly" -- determine the number of stitches which are going to be made with the strand, and then wrap the yarn around the needle that many times loosely. (Of course, I'm a doubter, so I added significant extra "just in case"...)
Anyway, The Blue Blog's idea for printing out knitters' graph paper and then printing a letter onto the same sheet of paper worked like a charm. I did a quick search on "knitters graph paper", input my exact gauge, and presto, it printed out a page, almost exactly to scale 1:1 (though I have to say, a little bit scant, but for this it really doesn't matter much). Then, I found a font in Word which I liked, printed off a letter of size huge (something like 650, or maybe 400??). If I was to do it again, the only thing I'd do differently is to print the letter in a much lighter shade than black, so that I could see the graph paper lines behind it...
Well, it's rainy here today, and my three-year-old got up in the middle of the night to go potty and was dry this morning, so we're going to celebrate by making chocolate chip scones.